SB1168 may be heard this afternoon on the Senate Floor. As a reminder, this bill limits contingencies in real estate contracts for permitting, zoning, etc to 180 days. This is simply not enough time for our developments.
There has been some confusion or reference to this bill applying only to contracts with the State of Oklahoma. That is NOT how the bill is written. As written, it will apply to all real estate contracts.
There should be no limit to the length of contingencies that buyers and sellers are willing to negotiate. There are no known issues with OREC on contingencies.
Please contact your Senator today and request they VOTE NO ON SB1168!